Extended Subwave 5 or 1?
The chart above shows that Subwave 5 (brown) has extended, forming Minor Subwaves i, ii, and iii (black). After Minor Subwave iii completes, Minor Subwaves iv and v will form to complete Subwave 5 (brown). An extended fifth wave is usually seen in commodities and metals. It is unusual for stocks and indices. But it does not break Elliott Wave Principle rules. Anyway I present below an alternative wave count.
This chart shows an extended Subwave 1 (brown). This is the more likely count. But we have to examine Subwaves 3 and 5 (brown) after they have formed. Subwave 3 cannot be shorter than Subwave 1 and Subwave 5. It is an Elliott Wave Principle rule that wave 3 cannot be the shortest of waves 1, 3 and 5. If this happens, we have to accept the wave count in the top chart.